Energy Fuels Ord Shs T.EFR

Commercial Production of 'On-Spec' Separated Rare Earths

[Betteryear2]

LAKEWOOD, Colo., June 10, 2024 /PRNewswire/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements ("REEs"), and vanadium, is pleased to announce that it has achieved commercial production of separated neodymium-praseodymium ("NdPr") at its White Mesa Mill in Utah (the "Mill"). Critically, the NdPr produced by Energy Fuels' meets the applicable product specifications of REE metal-makers, who specialize in the manufacture of REE-based alloys required for the permanent magnets widely used for electric motors in both battery powered electric vehicles ("EVs") and dual power hybrids. Further, this 'on-spec' NdPr is now able to be produced by Energy Fuels at the full design capacity of its new Phase 1 REE separation circuit (850 to 1,000 metric tons ("tonnes") of NdPr per year). The Company expects to have commercial quantities of separated NdPr available for shipment by the end of June 2024. Energy Fuels believes this is the first time in several decades that a U.S. company has produced on-spec separated REE's from monazite on a commercial scale.

Energy Fuels Achieves Commercial Production of 'On-Spec' Separated Rare Earths at its White Mesa Mill in Utah, While Simultaneously Advancing Uranium Production (prnewswire.com)